The Philippine government passed a Biofuels Act in 2006, requiring ethanol-blended gasoline to make up at least 10% of the total gasoline sold worldwide by February 2012.

Platts, a global provider of energy and metal information and source of benchmark price assessments in the physical energy markets, has today launched the world’s first daily price assessments, capturing the value of ethanol delivered to the Philippines.

“The Philippines, like many governments around the world, is in the midst of implementing guidelines and proposals for reducing the use of fossil fuels, in favor of greener, more renewable fuels, such as E-10,” said Ihsan Rahim, managing editor of petrochemicals, Asia, for Platts.

“We believe these new assessments, which reflect a key biofuels trading hub and prices for one of the largest ethanol consumers in the Asia-Pacific region, will help bring greater transparency not only to the Philippine ethanol market, but to the developing ethanol market at large,” said Rahim.

Platts says that the four new prices will reflect trends in the market, with focus on the production of ‘green’ gasoline blends.

So-called green gasoline is blended with undenatured andhrous ethanol.

The assessments will be published daily, and will cover:

•    Three spot market price assessments of undenatured ethanol as delivered to Manila, Subic Bay and Batangas
•    Spot market price assessment of undenatured ethanol in Singapore loaded cargoes

Platt’s says that assessments are covered in the Phillippines Biofuels Act of 2006.

According to Platts, the Philippines imports 160,000 to 200,000 cubic metres of ethanol per year, with imports projected to double over the next few years, as the Biofuels Act comes closer to full implementation.

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